Quarterly report pursuant to Section 13 or 15(d)

Assets Held for Sale and Discontinued Operations (Tables)

v3.5.0.2
Assets Held for Sale and Discontinued Operations (Tables)
9 Months Ended
Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Summary of financial information of discontinued operations
The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2016 and 2015:

 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(unaudited)
Revenues
 
$
53,939

 
$
607,379

 
$
249,439

 
$
1,827,238

Expenses
 
508

 
174,218

 
78,013

 
789,157

Operating income
 
53,431

 
433,161

 
171,426

 
1,038,081

Interest expense
 
14,317

 
215,927

 
55,963

 
689,998

Gain on disposal of properties
 
805

 

 
688,824

 

Income from discontinued operations
 
$
39,919

 
$
217,234

 
$
804,287

 
$
348,083

As of September 30, 2016 and December 31, 2015, assets held for sale consisted of the following:
 
 
September 30, 2016
 
December 31, 2015
 
 
(unaudited)
 
 
Investment properties, net
 
$
216,792

 
$
1,284,888

Rents and other tenant receivables, net
 

 
38,945

Above market lease intangible, net
 
2,616

 
2,616

Deferred costs and other assets, net
 
146,472

 
366,024

Total assets held for sale
 
$
365,880

 
$
1,692,473

As of September 30, 2016 and December 31, 2015, liabilities associated with assets held for sale consisted of the following:
 
 
September 30, 2016
 
December 31, 2015
 
 
(unaudited)
 
 
Loans payable
 
$
1,350,000

 
$
1,966,806

Below market lease intangible, net
 

 
14,758

Accounts payable, accrued expenses and other liabilities

 
10,754

Total liabilities associated with assets held for sale
$
1,350,000

 
$
1,992,318